PwC appoints independent chair and director to governance board
Professional services firm PwC has appointed independent director John Green as non-executive chair of its governance board, alongside Lisa Chung as an independent director.
John Green replaces current chair Justin Carroll from this month, bringing more than three decades of professional experience in financial services and as a partner at two prominent law firms, as well as time spent on a number of boards.
“John is an exceptional addition and will make an outstanding chair,” Carroll said. “He will be able to draw from his experience to bring an outside-in perspective, hold management to account, and deliver a new level of oversight.”
A former investment banker and executive director with Macquarie Group, Green also currently sits on the boards of the Cyber Security Cooperative Research Centre and financial services company Challenger Group, and is the chair of UOW (University of Wollongong) Global Enterprises and Pantera Press, an independent Australian book publisher which he co-founded in 2008.
Chung likewise brings an extensive legal and governance background, including presently serving as the chair of Australian Unity as previously that of planning and design consultancy Urbis. Other current board positions include AVJennings and Warren and Mahoney, as well as being a member of the Committee for Sydney and a foundation board trustee with the Art Gallery of NSW.
“Together, John and Lisa bring enhanced levels of independent thought and governance experience to our board, facilitating more robust challenge and oversight,” Carroll said. “Their contributions should mean decisions impacting the future of the firm are scrutinised with more independent eyes, holding management to a similar level of accountability as top tier ASX-listed companies.”
Chung will join PwC’s board in September as the second of three independent members promised as part of the firm’s culture and governance reforms agreed to in the wake of its government tax scandal. The firm’s professional services competitors – including BDO and KPMG – have also been adding independent directors, while breakaway Scyne has likewise installed an outside chair.
PwC has also taken the additional step of appointing boutique law firm Webb Henderson alongside former NSW supreme court chief justice Tom Bathurst to independently monitor the progress of its reforms, with the firm stating it had already addressed 35 of its 47 commitments. The appointments coincide with the firm’s latest appearance before a parliamentary enqury into the tax leaks.
